棉花：小幅反弹

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Cotton shows a slight rebound [1] - The trend strength of cotton is 0, indicating a neutral outlook [5] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Data: - CF2601 closed at 13,320 yuan/ton with a daily increase of 0.38% and a night - session close of 13,340 yuan/ton with a night - session increase of 0.15% (or 0.08%, data conflict). Trading volume was 225,712 hands, a decrease of 21,471 hands from the previous day, and the open interest was 877,562 hands, an increase of 5,323 hands [1]. - CY2601 closed at 19,405 yuan/ton with a daily increase of 0.41% and a night - session close of 19,420 yuan/ton. Trading volume was 9,778 hands, a decrease of 1,999 hands from the previous day, and the open interest was 18,884 hands, an increase of 1,045 hands [1]. - ICE Cotton No.12 closed at 63.78 cents/pound, a decrease of 0.08% [1]. - Warehouse Receipt Data: - Zhengzhou cotton warehouse receipts were 2,724, a decrease of 49 from the previous day, and the valid forecast was 112, an increase of 16 [1]. - Cotton yarn warehouse receipts were 0, unchanged from the previous day, and the valid forecast was 6, a decrease of 6 [1]. - Spot Price Data: - Northern Xinjiang 3128 machine - picked cotton was priced at 14,457 yuan/ton, an increase of 50 yuan/ton (0.35%) from the previous day [1]. - Southern Xinjiang 3128 machine - picked cotton was priced at 14,305 yuan/ton, an increase of 50 yuan/ton (0.35%) from the previous day [1]. - Shandong spot price was 14,676 yuan/ton, unchanged from the previous day [1]. - Hebei spot price was 14,608 yuan/ton, a decrease of 9 yuan/ton (- 0.06%) from the previous day [1]. - The 3128B index was 14,664 yuan/ton, a decrease of 10 yuan/ton (- 0.07%) from the previous day [1]. - The international cotton index M (CNCottonM) was 71.58 cents/pound, an increase of 0.4 cents/pound (0.56%) from the previous day [1]. - Pure cotton combed yarn 32 - count was priced at 20,440 yuan/ton, unchanged from the previous day [1]. - The arrival price of pure cotton combed yarn 32 - count was 21,228 yuan/ton, an increase of 4 yuan/ton (0.02%) from the previous day [1]. - Spread Data: - The CF1 - 5 spread was - 55 yuan/ton, an increase of 5 yuan/ton from the previous day [1]. - The spread between Northern Xinjiang 3128 machine - picked cotton and CF601 was 1,140 yuan/ton, unchanged from the previous day [1]. 2. Macro and Industry News - Domestic Cotton Spot: Cotton spot trading has slightly weakened. Spinning mills maintain just - in - time procurement. Spot basis is generally stable with a slight downward trend, and some batches still offer slight discounts. The mainstream purchase price of 40% lint percentage machine - picked seed cotton in Northern Xinjiang is stable at 6.0 - 6.1 yuan/kg, with some higher offers around 6.2 yuan/kg [2]. - Domestic Cotton Textile Enterprises: The trading atmosphere in the pure cotton yarn market is light, and prices are mainly stable. Low - priced products are selling well. Recently, traders are actively purchasing Xinjiang cotton yarn, while fabric mills are cautious in purchasing, mainly for just - in - time needs. Downstream overall purchasing is low, and the market continues to operate weakly [2]. - US Cotton: Yesterday, ICE cotton futures first declined and then rose, mainly fluctuating within the day, and closed slightly lower. The weakening of the US dollar and commercial buying slightly supported ICE cotton [2]